I
Operating Companies
Long-duration ownership in private operating businesses where the family can be a useful, quiet shareholder for a generation.
04 — PORTFOLIO
A small book, held long.
The portfolio is organized into four sleeves. Each is built to be held for a generation, not a cycle.
II
Listed Compounders
A small book of public companies held without expectation of trading. Concentration is a feature; turnover is a cost.
III
Real Assets
Land, buildings, and timber that the next generation can recognize. Held in their own name, not in vehicles.
IV
Reserve
Cash and short government paper. The reserve is a position, not a residual — it is what makes patience possible.
Tenets
Concentration over coverage.
Twenty decisions over a lifetime is generous.
Ownership over exposure.
We prefer to be on the cap table, not the screen.
Generational over annual.
We will accept lower IRRs for longer durations.
Privacy over presence.
Holdings are not disclosed, by design.